PURCHASE, N.Y. (AP) — PepsiCo Inc. has reported first-quarter net income of $1.41 billion. On a per-share basis, the Purchase, New York-based company said it had net income of $1. Earnings, adjusted for one-time gains and costs, came to 97 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 92 cents per share. The food and beverage company posted revenue of $12.88 billion in the period, also beating Street forecasts. Organic revenue was up 5.2 percent. Five analysts surveyed by Zacks expected $12.65 billion.
PepsiCo still expects full-year earnings to be $5.50 per share compared with the average Street estimate of $5.52 per share, according to FactSet. PepsiCo shares have risen 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 16 percent. The stock has climbed 11 percent in the last 12 months.